European gas prices hit late 2022 levels
European gas prices have risen to their highest level since December 2022, driven by disruptions in Gulf supplies and declining gas inventories in Germany, as winter approaches. The price of futures contracts on the Amsterdam Exchange reached €86.19 per megawatt-hour, slightly down from a previous high of €86.79. Gas supply disruptions continue due to the war in the Middle East and decreasing reserves, with European storage facilities at only 73.75% capacity, while Germany's storage is at 59.96%. Meanwhile, oil prices have fallen, with Brent crude dropping to $104.60 per barrel, a decline of 1.92%, and West Texas Intermediate at $91.79. This increase in European gas prices reflects ongoing challenges in natural gas supplies, with pressures expected to persist as winter approaches.
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